The person responsible for beginning to privatize China's economy since the mid-1970s is
A. Deng Xiaoping.
B. Mao Tse-tung.
C. Sun Yat-sen.
D. Chiang Kai-shek.
A. Deng Xiaoping.
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What are the three basic economic questions that must be answered by all societies?
What will be an ideal response?
Under conditions of oligopoly, economies of large-scale production mean that: a. firms are able to sell all of the output they desire
b. it is difficult for a firm to determine its profit-maximizing price and output. c. large firms would find it more profitable to break up into smaller production units. d. small firms are at a disadvantage in competing with relatively large firms.
Which of the following examples would most likely enable a landlord to raise the rent for a rent-controlled apartment?
a. Cockroaches invest the apartment’s kitchen. b. The U.S. cost of living increases by 5 percent in one month. c. The pipes for the apartment’s kitchen sink spring a leak. d. The rents in a nearby apartment building increase.
In the graph shown, a downward shift in the SAS curve:
A. raises domestic consumption, because domestic producers produce more. B. lowers globalized potential output, because domestic producers are more competitive. C. raises the trade deficit, because domestic producers are more competitive. D. raises domestic production, because input prices have fallen.